Silvercorp Update on Progress to Identify the Anonymous Letter Writer and to Restore Its Reputation

Silvercorp Metals Inc. (NYSE Amex: SVM and TSX: SVM) updated the market this morning, welcoming the British Columbia Securities Commission’s (BCSC) quick and decisive actions to investigate the allegations against the Company in an anonymous letter dated August 29, 2011 (refuted by the Company’s in its September 2, 2011 news release), and in particular the BCSC’s efforts to discover the anonymous letter writer’s identity.